... the "Highlights".
In case you came in late, we're working on a baseline summary of why SECU has struggled with controversy over the last three years. [Part 1], [Part 2], [Part 3]
In the fall of 2021, the SECU Board of Directors decided that a new culture, a new direction was needed for the Credit Union. Many of the changes provoked alarm among the staff, well-informed members, and within the overall North Carolina financial community.
As a former CEO of SECU, the emails and calls began to stream in and gathered in intensity in 2022. The range of concerns was broad. Some seemed insignificant - of the "sour grapes" type, while others appeared important and highly significant. After pointing out that leadership changes always create disruptions, that individual leaders have different styles, and that there is more than one way to run a credit union; I requested that the concerns be documented and independently verified.
Two, full filing cabinets later, I reluctantly agreed to present a "resolution" [link to read] summarizing several major concerns, to the SECU Board of Directors at the October, 2022 Annual Membership Meeting. The resolution was polite, respectful.
My assumption was that in the transition to that new culture, to that new direction; the SECU Board had simply failed to adequately communicate the reasons behind the proposed changes. Happens all the time, leaders forget the importance of building consensus. Once a little remedial communications homework was completed by the SECU Board, I also assumed that any differences would be resolved and the credit union could move forward.
The resolution was passed, the SECU Board very willingly agreed to a series of meetings in November, 2022 [see Fireside Chats video] to better inform and explain the new culture, the new direction. Things looked promising, the crisis of confidence should have ended there.
I asked readers in the last post ["R&R" - Part 3] to review the SECU Fireside Chat video to re-familiarize yourself with the official response from the SECU Board to the resolution. Knowing how most of us are, I suspect you didn't review that video; so here's a brief Fireside Chats "Highlights" video [link] published by the SECU Board. To make it even easier, just focus on "LGFCU merger" response - it starts at 7:41. Be sure to take two minutes to do that!
Tomorrow I'd like to show you the "smoking gun" which convinced me after the Fireside Chat responses that: "Houston we have a problem"...
... at SECU.
